351Privatisation PolicyINTRODUCTIONPrivatisation is a process through which the State or a public or Para public organ totally or par- tially withdraws its role to profit the private sector of companies, no matter their legal form (public companies, State-owned companies, mixed eco- nomic companies and others) in which they hold all or part of the capital.It is an economic policy choice and not a situatio- nal operation. Through privatisation, many objec- tives are pursued: fiscal consolidation, stimulation of initiatives and promotion of investments, restoration of market mechanisms, mobilisation and orientation of national saving to private investments, improve- ment of efficiency of production system and quality of service, increase of desert rates throughout the national territory, realisation of productivity gains which help to have an optimal tariff structure for public services handed on, promotion of participa- tion by the national private sector (20-30% of capi- tal and rights reserved for Cameroonians private investors) including salary earners of the company (5-10% of the capital and voting rights reserved for employees of the concerned companies).HISTORICAL BACKGROUNDFrom 1986 to 1990, many State-owned companies which were largely in deficit or who had longstopped their activities were liquidated through administrative procedures. From 1990, the withdrawal process was put in place with the ordinance of 22 June 1990 which defined the legal framework of privatisation, and Decree of 30 October 1990 which gave the list of 16 first companies to be privatised or liquidated.During this period, the concerned companies were dissolved, ceded (sale of shares or assets) or were subject to rent or sale. The third step started in may 1994 with a declaration of general policy of the government concerning withdrawal from the compe- titive productive sector and the exploitation of main selling services. This declaration was followed by the presidential decree of 14 July 1994 registering 15 new companies to privatise or liquidate, compa- nies belonging to the transport and agro industrial sectors. It can therefore be considered that the priva- tisation process is on-going.VIRTUES OF PRIVATISATIONPrivatisation helped to save many companies of the public and para public sectors and mixed economic companies in difficulty. In so doing, it has created and preserved jobs. According to the technical commission for privatisation and liquidation, there are 7 virtues to privatisation.LES ATOUTS ECONOMIQUES DU CAMEROUN